Sainulabdeen vs Authorized Officer
2023 Latest Caselaw 758 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
    THURSDAY, THE 12TH DAY OF JANUARY 2023 / 22ND POUSHA, 1944
                        WP(C) NO. 42065 OF 2022
PETITIONER/S:

          SAINULABDEEN
          AGED 62 YEARS
          RIYAS MANZIL(KALLUMPURATHU VEEDU),
          ELAVUR, PALLIMON.P.O, PALLIMON VILLAGE,
          KOLLAM DISTRICT, PIN - 691572
          BY ADVS.
          BINU GEORGE
          HEMALATHA


RESPONDENT/S:

    1     AUTHORIZED OFFICER
          THE KERALA STATE CO-OPERATIVE BANK(KERALA BANK),
          CREDIT PROCESSING CENTRE, CHINNAKKADA.P.O, KOLLAM, PIN
          - 691001
    2     THE BRANCH MANAGER
          THE KOLLAM DISTRICT CO-OPERATIVE BANK,
          NALLILA BRANCH, KOLLAM DISTRICT, PIN - 691515
          BY ADV P.C.SASIDHARAN


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 42065 OF 2022                       2



                                 JUDGMENT

Petitioner has approached this Court, challenging

proceedings initiated by the respondent Bank under the

provisions of the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

for recovery of the amounts due from the petitioner.

2. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the

overdue amount in instalments and to obtain regularisation

of the loan account.

3. It was submitted on behalf of the respondent bank

that the petitioner availed a loan by mortgaging his property

from the respondent bank and committed default in

repayment. It is submitted that the overdue amount, as on

06.01.2023, is Rs.9,71,431/- (Rupees Nine lakhs seventy one

thousand four hundred and thirty one only). It was further

submitted that though proceedings for recovery have been

initiated, as a matter of indulgence, the respondent bank is

willing to accept repayment of the overdue amount in limited

instalments and regularise the loan account.

4. I have heard the learned counsel for the petitioner

as well as the learned counsel for the respondent.

5. Having regard to the circumstances of the case and

the situation now prevailing, apart from the submissions

made as recorded above, I am of the view that the petitioner

can be granted an opportunity to repay the overdue amount

in fifteen instalments and thereafter, if the amount so

directed is repaid within the time as directed above, to have

the loan account regularised.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.9,71,431/- (Rupees Nine lakhs seventy one

thousand four hundred and thirty one only) along with bank

charges from the petitioner and regularise the loan account

of the petitioner in the following manner:-

(i) The overdue amount of Rs.9,71,431/- (Rupees Nine lakhs seventy one thousand four hundred and thirty one only)along with any accrued interest and charges shall be repaid in fifteen equated monthly instalments;

(ii)The first instalment shall be paid on or before 31.01.2023 and the subsequent instalments shall be paid on or before the last working day of each succeeding month;

(iii)Petitioner shall continue to pay the regular EMI's/instalments along with the instalments directed above;

(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

sd/-

GOPINATH P.

JUDGE ajt

APPENDIX OF WP(C) 42065/2022

PETITIONER EXHIBITS Exhibit P1 A TRUE COPY DISCHARGE SUMMARY DATED 14.11.2020 ISSUED FROM TRAVANCORE MEDICAL COLLAGE HOSPITAL Exhibit P2 A TRUE COPY OF NOTICE 22.12.2021 UNDER SECTION 13(2) OF SARFAESI ACT ISSUED BY THE RESPONDENT BANK Exhibit P3 A TRUE COPY OF POSSESSION NOTICE 19.11.2022 ISSUED BY THE RESPONDENT BANK